Kinsman Oak Capital Partners, a boutique investment firm, released its “Kinsman Oak Equity Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The investors were expecting cooler inflation data and a subsequent pause in the Fed’s rate-hiking cycle in the first quarter. Then, suddenly the market experienced multiple regional bank failures. During the quarter, equity performance experienced a distinct sector rotation towards higher beta sectors. Technology and consumer discretionary largely outperformed defensives such as healthcare and utilities. The firm is expecting near-term volatility in the market. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Kinsman Oak Capital Partners highlighted stocks like Colliers International Group Inc. (NASDAQ:CIGI) in the first quarter 2023 investor letter. Headquartered in Toronto, Canada, Colliers International Group Inc. (NASDAQ:CIGI) is a commercial real estate professional and investment management services provider. On June 14, 2023, Colliers International Group Inc. (NASDAQ:CIGI) stock closed at $98.76 per share. One-month return of Colliers International Group Inc. (NASDAQ:CIGI) was 4.00%, and its shares gained 0.95% of their value over the last 52 weeks. Colliers International Group Inc. (NASDAQ:CIGI) has a market capitalization of $4.318 billion.
Kinsman Oak Capital Partners made the following comment about Colliers International Group Inc. (NASDAQ:CIGI) in its first quarter 2023 investor letter:
“The Fund’s underlying holdings performed relatively in line with our expectations except for our long position in Colliers International Group Inc. (NASDAQ:CIGI) and our short position in Tesla (TSLA). Colliers has been a modest contributor to our performance year-to-date while Tesla has been a modest detractor.
Colliers has outperformed the market this year despite the stock being down ~15% from its mid-February highs. The company reported better than expected results and issued better than feared guidance, and the stock was briefly rewarded, before giving it all back over the following month. Investors are clearly worried about anything commercial real estate related given the enormous stress in the regional banking sector and a wall of debt coming due in 2024 that will require refinancing. Our belief is this will only have a slightly negative impact on Colliers EPS.”
Monkey Business Images/Shutterstock.com
Colliers International Group Inc. (NASDAQ:CIGI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Colliers International Group Inc. (NASDAQ:CIGI) at the end of first quarter 2023 which was 19 in the previous quarter.
We discussed Colliers International Group Inc. (NASDAQ:CIGI) in another article and shared Oakmark International Small Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 15 Best Places to Retire in The World On Social Security
- 15 Most Profitable Hedge Funds in the World
- 25 Biggest Land Owners in the US
Disclosure: None. This article is originally published at Insider Monkey.
